Finance Friday: Why You Should Track Your Finances

I'll tell you a secret.

The only way to achieve prosperity is to be conscious of every penny.

Oh diba, it rhymes? Haha!

Well, unless you're the heir of Henry Sy or plan to marry some millionaire dude. But you and I know that's not what I mean.

Photo: brucegerencser.net

I was supposed to write about the importance of building an emergency fund when God made me realize that, hey, all the blog posts in the world wouldn't make these people tithe and save if they're not aware of their spending habits.

Without stressing the importance of tracking money, it is hard to know what your true money habits are. Then you'll be forever trapped in the web of lies that tells you you can't give or you can't save because you don't have enough.

Thus the domino effect of not tithing and not creating an emergency fund.

Thus the absence of prosperity and the presence of a poverty mindset (which, again, keeps you from giving). It's a vicious cycle!

It might seem like such a small detail, but tracking where every peso is spent goes a long way. Trust me. Here are the things you need to know.

1. What is money tracking?

Simple. As the name implies, it's the act of tracking your money. It means being conscious of your spending, giving, saving, and, in some cases, borrowing.

2. Why should I track my money?